Bitcoin underwent a sharp correction in October and November, but the worst now seems to be over. This correction was partly caused by strong selling pressure, especially from long-term holders—investors who hold their coins for at least 155 days. Now, the selling pressure appears to be easing, indicating that Bitcoin has reached its bottom and the coin can look upward again.
36% Correction Driven by Selling Pressure #
Since summer, long-term holders have been gradually reducing their holdings. In July, they held over 14.7 million bitcoin, but by November, this had decreased to about 14.3 million, according to data from Glassnode. This slow outflow has put significant pressure on the price in recent months: from top to bottom, bitcoin fell by approximately 36%.
This low point in long-term holder holdings was reached in late November, precisely when bitcoin found its bottom around $80,000.
Spot sales were the main theme of the autumn and a key reason why the price struggled to make progress for a long time. Not only during corrections did these sales dominate: spot sales by whales and long-term holders were also seen as a major reason why the price remained stuck around $100,000 for a long time and did not break above $126,000.
Bitcoin Appears More Mature #
However, it is noteworthy that this cycle is running differently than previous bull runs. In 2017 and 2021, long-term holders often dumped in one big wave around the absolute top, exactly when retail was massively entering. That caused extreme peaks and deep corrections then.
This time, the pace is different: no blow-off top, but a much calmer pattern with gradual shifts. This fits a market that is becoming more mature and less dependent on classic cycles.
We also saw shifts last year and earlier in 2025. The decline in April 2024 came after the then price record of $73,000, while the correction in March 2025 was mainly due to unrest about possible trade tariffs under Trump. Both movements temporarily caused extra selling pressure, but neither led to panic selling.
Now, for the first time since March, the bitcoin holdings of long-term holders are rising again, and analysts see this as a sign that the market is catching its breath. Short-term holders are also keeping their coins longer, and experienced investors seem less inclined to keep selling. This takes pressure off the kettle as bitcoin gradually recovers.